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Zip Code 15243: Rising Home Values and Ownership Rates in Bridgeville, Pennsylvania
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 15243, located in Bridgeville, Pennsylvania, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area has seen a consistent trend of increasing homeownership, coupled with fluctuating average home prices and rent costs.
The homeownership rate in zip code 15243 has shown a steady upward trend, rising from 80% in 2013 to 85% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $189,408, which grew consistently year-over-year, reaching $309,116 in 2022. This represents a substantial 63% increase in average home values over this period. The trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 15243. From 2013 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. During this period, homeownership rates increased from 80% to 83%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates continued to climb, reaching 84% by 2020. This trend indicates that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have supported continued growth in homeownership.
The renter population in zip code 15243 has experienced a corresponding decline as homeownership rates increased. The percentage of renters decreased from 19% in 2013 to 15% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,362, which peaked at $1,426 in 2014 before following a generally downward trend, reaching $1,176 in 2022. This 14% decrease in average rent over the decade, coupled with the declining renter population, suggests a shift in local housing preferences towards homeownership.
Looking at the most recent data, the average home price in zip code 15243 continued to rise, reaching $315,186 in 2023 and further increasing to $326,331 in 2024. This represents a 5.6% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 15243 will continue to rise, potentially reaching around $370,000 by 2029. This projection is based on the historical growth rate and current market conditions. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching approximately $1,300 by 2029, assuming the local economy remains stable and housing demand continues to favor ownership.
In summary, zip code 15243 has demonstrated a clear trend towards increased homeownership, with rates rising from 80% to 85% between 2013 and 2022. This shift has occurred alongside a significant 63% increase in average home prices during the same period. Conversely, the renter population has decreased, and average rent prices have shown volatility with an overall downward trend. The recent surge in federal interest rates, coupled with continuing increases in home prices, may present new challenges for potential homebuyers in the coming years. However, the strong preference for homeownership in this area suggests that demand for housing is likely to remain robust, potentially supporting further growth in the local real estate market.
